Allowed

M/S. Divya Global P. Ltd. v. Neelam Garments

Bombay HC27 Jan 2020COMEX/62/2017

Case brief

AI extract

What is this about?

This judgment disposes of a commercial execution application and associated chamber summons upon the parties agreeing to a settlement of Rs.1.19 crore via installments and DDs, allowing revival of the execution application in case of default.

What did the court decide?

Execution application and chamber summons disposed with liberty to revive the execution application in case of default. Judgment debtor to make payments as per agreed schedule.

Learned Counsel for the parties have tendered a joint memorandum of consent terms which records that parties intend to amicably settle all disputes subject matter of the execution application on the terms and conditions as set out in the memorandum of the consent terms. Paragraph 4 of the memorandum of consent terms sets out the manner in which the amount under the arbitral award would be paid by the respondent/judgment debtor to the applicant/award creditor. A total amount agreed to be paid against the award liability is Rs.1,19,48,944/-. It is to be paid in the following manner:-

`Payment details`	`Amount`	`Date`	`Mode(cheque/DD)`
`1`^st`Installment`	`25,00,000/-`	`24`^th `January,` `2020`	`By D.D. No.031238`
`2`^nd`Installment`	`27,50,000/-`	`10`^th`March, 2020`	`By Cheque No.697461`
`3`^rd`Installment`	`27,50,000/-`	`10`^th`April, 2020`	`By Cheque No.697462`
`Total`	`80,00,000/-`

Payment details

Amount

Date

Mode(cheque/DD)

1^stInstallment

25,00,000/-

24^th
January,
2020

By D.D. No.031238

2^ndInstallment

27,50,000/-

10^thMarch, 2020

By Cheque No.697461

3^rdInstallment

27,50,000/-

10^thApril, 2020

By Cheque No.697462

Total

80,00,000/-

2.The payment of first installment of Rs.25 Lakhs by way of a Demand Draft drawn on ICICI Bank being Demand Draft No.031238 is handed over by the advocate for the award debtor to the advocates for the applicant. Even two post-dated cheques for the amount of Rs.27,50,000/- each payable on 10 March 2020 and 10 April 2020 are also handed over, details of which are set out in clause 4.2 of the memorandum of consent terms (supra).

3.The joint memorandum of consent terms is signed on behalf of the authorized signatories of the respective parties. It is also signed by the Advocates for the parties. There is no dispute on the signatures appearing on the joint memorandum of consent terms as also in regard to the terms and conditions as agreed upon. It is informed that the signatories to the consent terms are present in the Court and they are identified by their respective Advocates. Accordingly, the joint memorandum of consent terms is taken on record and marked“X” for identification.

4.Although the parties have agreed in paragraph 7 that the execution application be kept pending however learned Counsel for the parties agree that the execution application need not be kept pending and the same can be disposed of, however with a liberty to the applicant to revive the execution application in the event there is default on the part of respondent/judgment debtor in complying with the terms and conditions and/or dishonour of the cheque of any of the installments as agreed to be paid by way of post-dated cheques. It is accordingly disposed of with liberty to the judgment debtor to accordingly revive the execution application. No costs.

M/S. Divya Global P. Ltd. v. Neelam Garments

Case brief

What is this about?

What did the court decide?

M/S. Divya Global P. Ltd. v. Neelam Garments

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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Parties & counsel

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